KATHMANDU: The Central Investigation Bureau of Nepal Police has arrested Kamal Nath Subedi, the then Chief Executive Officer of Kuber Merchant Finance Limited, Gyaneshwor for his alleged involvement in a banking fraud.

He has been accused of indulging in the embezzlement of at least Rs 6.8 million while selling lands and houses deposited as collateral for loans.

He was arrested from Gyanehswor on Wednesday.

Police have been making preparations to file a case under the Banking Offense and Punishment Act, 2008 against Subedi.